Asset details

In UniFi, the term 'assets' refers to:

plant and equipment
portable and attractive items.

For definitions of each, refer to the Assets procedures.

To change physical information, such as location or custodian, follow the instructions to make changes to the asset register.

To change financial information, you'll need to submit the required forms to Assets (Corporate Finance). Follow the instructions for:

Assets (Corporate Finance) process forms once a week: forms received by Friday will be processed by the following Friday.

If there are problems with a form, Assets (Corporate Finance) will contact the submitter for more information. This may delay processing.

Contact Assets (Corporate Finance) if you have questions about maintaining the UniFi asset register.

Corporate chartfields

All UniFi assets are recorded under these corporate chartfields:

Fund - 998
Function - 41
Project - 999998.

This eliminates the need to transfer assets once projects are closed.

At month end, a series of asset journals will post to the corporate chartfields and then be reversed by an allocation journal.

The corporate chartfields should never have a balance in the general ledger.

The use of corporate chartfields for the recording of UniFi assets does not affect how the cost of an asset is expensed.

The process for ordering and receipting assets remains unchanged.

Assets with a cost of $1.00

Portable and attractive items are not capitalised in the same way as plant and equipment. They are recorded on the asset register because of their portable and attractive nature, but their cost is expensed in the year of acquisition.

The items recorded on the register with a cost of $1.00 are portable and attractive items that were added to UniFi from the legacy system. These nominal costs were used because:

the legacy system couldn't record the cost of portable and attractive items without capitalising them
UniFi won't accept nil-value assets.

These items must not be removed from the register because of their value, and must be taken stock of in each stocktake.

Unfortunately, the cost of UniFi assets can't be altered unless there is a valid transaction accompanying the adjustment, for example, a subsequent part payment.

Location code

Location code is made up of site, building, level and department. For example, location code 170870_04B represents:

site 17 – PA Precinct, Woolloongabba
building 0870 – PACE
level 04
IT Department.

See the list of valid location codes (XLS, 592KB) for locations that are available in UniFi.

If the location is not available in UniFi, the location field should be left blank and the custodian field should be used to store the name of the person responsible for the asset.

Room number field

The room number of an asset can be recorded in UniFi using the area ID field.

Data can be entered into this field on receipt of the asset by clicking on the asset pending link before the asset has been recorded on the UniFi asset register.

Alternatively, this data can be entered directly into UniFi using the Define asset operational information training after the asset has been recorded on the UniFi asset register.

FFT

The FFT (free format text) cannot be recorded on the asset register.

However, the information is able to be recorded in the comments section of the asset record using the Define asset operational information training. This information will not be displayed on the stocktake report and can only be viewed via each individual asset record using the Define asset operational information training.